- Cyber-security is one of the key catalysts in national digital transformation
- IDC sees Malaysia’s security services market growing to RM2.5 billion by 2021
A MEMORANDUM of Understanding (MoU) announced on July 18 under the strategic collaboration between government agency Malaysia Digital Economy Corporation (MDEC) and Axiata Group Bhd (Axiata) to further boost the nation’s cyber-security industry by strengthening both talent development as well as futureproofing innovation.
This partnership will benefit institutes of higher learnings (IHLs), the startup community and government agencies.
The public-private partnership was established due to the fast-growing opportunities for Malaysians that arise from the burgeoning digital economy.
Ng Wan Peng, chief operating officer of MDEC, commented: “Strengthening the cyber-security industry is crucial for futureproofing Malaysia’s Digital Economy. It is interesting to note that Malaysia is one of the top three Asean countries that are expected to contribute or make up 75% of cyber-security services market share by the year 2025.
“Undoubtedly, there is a huge opportunity to capture a significant portion of the export market across Asean which is expected to be worth RM10 billion by the year 2021.
“It is essential to drive partnerships especially with one of the leading telecommunications groups in Asia, Axiata. The organisation’s 350 million customers make it a good testbed to futureproof cyber-security innovation,” she added.
Jamaludin Ibrahim, president & group chief executive officer of Axiata, said, “Axiata has always had a longstanding partnership and mutual cooperation with MDEC. This MoU today stresses our commitment to work with MDEC to drive the transformation of our country into a world leader in cyber-security and digital resiliency.
“Axiata will leverage on our regional knowledge-pool of experts, technologists and innovators to impact national policies, build capacity, develop local talents, share solutions, exchange information and build on our experiences to make a meaningful difference in our markets.”
He also mentioned that Axiata has always been committed to talent development and will support MDEC’s initiatives in creating future cyber-security talents through industrial and upskilling internships as well as provide mentorships in developing cyber-security solutions.
Strengthening the cyber-security opportunity
To become a high-income nation, Malaysia is determined to maintain the momentum of the nation’s strong economic growth with a focus on the digital economy, which has been growing by leaps and bounds, contributing approximately 18.2% to the country’s Gross Domestic Product (GDP) in 2016.
Cyber-security is one of the key catalysts in national digital transformation. In fact, Malaysia is one of the top three Asean countries that is expected to contribute 75% to the cyber-security services’ market share by the year 2025.
Due the complexity of fast-evolving threats to organisations, International Data Corporation (IDC) forecasts Malaysia’s security services market will grow from RM1 billion in 2016 to RM2.5 billion by 2021 at a CAGR of 21.1%.
The regional opportunity across Southeast Asia for the security services market is expected to reach RM10 billion by 2021 at a CAGR of 22.28%.
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